Compass welcomes IEF founders as part of strategic acquisition in milestone 20th y ear

Compass Business Finance has acquired Industrial Equipment Finance Ltd (IEF) from directors Steve Ackerman and Rob Tootell, who will be joining the Compass team as part of the transition. The move comes during a landmark moment for Compass, as the company celebrates its 20th year in business.

IEF, led by Steve and Rob, has built a respected position in the engineering finance sector, offering asset finance solutions, as well as machinery damage and breakdown insurance to UK engineering businesses. Both directors bring decades of experience, deep industry relationships and a strong reputation within the engineering and manufacturing industry.

“This is an exciting moment for Compass: not only are we celebrating our 20th year, but we’re taking important strides forward in supporting the engineering sector,” states Mark Nelson, Director at Compass Business Finance. “We’ve known and respected Steve and Rob for decades. Their technical understanding, integrity and commitment to doing what’s right for customers perfectly align with our values. Bringing both Steve and Rob, along with the IEF business, into Compass elevates our engineering offer and strengthens the support we can provide to customers and suppliers across the sector.”

For Steve and Rob, the decision to sell IEF reflects their commitment to ensuring the business, its customers and its suppliers continue to thrive with long-term support as part of a stronger, collaborative future.

“Rob and I have always believed in putting customers first, and Compass shares that same belief,” comments Steve. “We’ve known the Compass team for most of our professional lives, and the cultural alignment is clear. As we look ahead to the next chapter, we wanted to ensure our customers would continue to receive the same care, commitment and technical expertise.”

Rob adds: “This move brings genuine value for our customers. Compass has shown real commitment to the engineering sector, and we’ve watched them grow steadily and responsibly over the years. Joining forces now, at a time when their momentum in engineering finance is stronger than ever, gives our customers both the continuity from us and the expanded resources from Compass.”

With the acquisition, Compass will also introduce machine damage and breakdown insurance to its portfolio of products. IEF has long offered machinery protection solutions alongside finance products, strengthening its role as a trusted partner in the engineering sector.

Steve and Rob will continue working closely with customers and suppliers just as before.

Celebrating its 20th year, Compass Business Finance continues to deepen its commitment to the engineering and manufacturing sectors, combining long-standing relationships, proven expertise and shared values to deliver stronger outcomes for customers. Together, Compass and IEF are better positioned than ever to support customer investment and growth.